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Organic Resource Management Inc. reports net income of $114,000 for Q1 2008
download pdfOrganic Resource Management Inc.
3700 Steeles Avenue West, Suite 601
Woodbridge, Ontario L4L 8K8
TEL: (905) 264-7700 FAX: (905) 264-7273
E-mail: info@ormi.com
Website: www.ormi.com
November 12, 2007 TSX Symbol: ORI
NEWS RELEASE
Organic Resource Management reports net income of $114,000 for Q1 2008
Woodbridge, Ontario - November 12, 2007. Organic Resource Management Inc. ("ORMI"), a leader in the provision of vacuum truck services for the collection, treatment and disposal of non-hazardous liquid waste, today announced financial results for its first quarter of fiscal 2008, ended September 30, 2007.
Net income for the first quarter of fiscal 2008 was $114,000, an increase of $103,000 from $11,000 in the first quarter of fiscal 2007. The Company's core grease interceptor business continues to show strong growth, recording an increase in revenue of 12% in the quarter over last year. However, total revenue for the quarter of $3,723,000 was $123,000 or 3% lower than for the same period last year as the Company replaces its large volume, low margin industrial business with smaller volume, higher margin grease interceptor business.
During the quarter the Company was forced to transport a significantly higher percentage of its residuals to out of province third-party recycling sites. As a result, the gross margin was $1,198,000 for the quarter, a decrease of 12% or $167,000 from $1,365,000 last year.
The net income in the most recent quarter reflects the elimination of preferred dividends and amortization of intangible assets which occurred in the fourth quarter of 2007.
The comparative financial statements for the three months ending September 30, 2007 along with other information may be obtained through the Company's website at www.ormi.com, or on SEDAR at www.sedar.com.
This press release is available on the Company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit the investor relations section of the Company's website at http://www.ormi.com/ORMI_Investor.asp . Alternatively, investors are asked to e-mail all questions and correspondence to Info@ormi.com where they can also request addition to the Company's investor e-mail list to receive all future press releases and updates directly.
About Organic Resource Management Inc.
Organic Resource Management is Canada's largest provider of vacuum truck services for the collection, treatment and disposal of organic and other non-hazardous liquid waste. ORMI services in excess of 8,000 commercial, industrial, institutional and residential customers in Ontario, Quebec, and British Columbia. Further information about ORMI may be obtained at the Company's web site at www.ormi.com .
Note: Certain information contained in this press release may be forward-looking and therefore subject to unknown risks or uncertainties. The actual results, performance or achievements of Organic Resource Management Inc. may differ materially from the results, performance or achievements of the Company expressed or implied by such forward-looking statements.
CONTACT INFORMATION
Corporate Inquiries
Charles H. Buehler,
Chief Executive Officer
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